Baanknet E-Auction Portal
The Government of India launched the Baanknet e-auction portal, streamlining the auction process for distressed assets held by public sector banks (PSBs). Baanknet integrates pre-auction, auction, and post-auction procedures, offering over 122,500 consolidated property listings, including residential, commercial, and agricultural assets. Key features include an automated payment gateway, KYC tools, and a helpdesk for user support. The platform is expected to improve transparency, enhance credit availability, and aid PSBs in asset recovery. Collaboration between PSBs, DRTs, and the Insolvency and Bankruptcy Board of India is critical to the initiative’s success.
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